Pronunciation

Noun

Swedish

Pronunciation

Noun

Adjective

A gift or present is the transfer of something,
without the need for compensation that is involved in trade. A gift is a voluntary act
which does not require anything in return. Even though it involves
possibly a social expectation of reciprocity, or a return in the
form of prestige or power, a gift is meant to be free.

In many human societies, the act of mutually
exchanging money, goods, etc. may contribute to
social cohesion. Economists have elaborated the economics of gift-giving into
the notion of a gift
economy.

By extension the term gift can refer to anything
that makes the other happier or less sad,
especially as a favour, including forgiveness and kindness.

Presentation

When material objects are given as gifts, in
many cultures they are traditionally packaged in some manner. For
example, in Western culture, gifts are often wrapped in wrapping
paper and accompanied by a gift note which
may note the occasion, the giftee's name, and the giver's name. In
Chinese culture, red wrapping connotes luck.

a virtual object as seen on Facebook, LiveJournal,
both of which allow you to purchase virtual gifts or in games such
as GiftTRAP which
allow you to give virtual gifts. These are all examples of the
Virtual
Economy

Downloadable
gifts refer to virtual gifts like e-books, software and music
files which you can purchase and instantly download from web
vendors.

Legal aspects of gifts

At common law,
for a gift to have legal effect, it was required that there be (1)
intent by the donor to give a gift, (2) acceptance of the gift by
the donee, and (3) delivery to the donee of the item to be given as
a gift.

In the United
States and some other countries, certain types of gifts above a
certain monetary amount are subject to taxation. See gift tax for
more information.

Tax deductibility for gifts

Pursuant to , property acquired by gift, bequest,
devise, or inheritance is not included in gross income and thus a
taxpayer does not have to include the value of the property when
filing for taxes. Although many items might appear to be gift,
courts have held that the most critical factor is the transferor's
intent. Bogardus v. Commissioner, 302 U.S. 34, 43, 58 S.Ct. 61, 65,
82 L.Ed. 32. (1937). The transferor must demonstrate a "detached
and disinterested generosity" when giving the gift to actually
exclude the value of the gift from the taxpayer's gross income.
Commissioner of Internal Revenue v. LoBue, 352 U.S. 243, 246, 76
S.Ct. 800, 803, 100 L.Ed. 1142 (1956). Unfortunately, the court's
articulation of what exactly satisfies a "detached and
disinterested generosity" leaves much to be desired.

Some situations are clearer, however.

"Gifts" received at promotional events are not excluded from
taxation:

For example, Oprah's seemingly good deed of giving
new cars to her audience does not satisfy this definition because
of Oprah's interest in the promotional value that this event causes
for her television show.

"Gifts" received from employers that benefit employees are not
excluded from taxation:

clearly states that employers cannot
exclude as a gift anything transferred to an employee that benefits
the employee. Consequently, an employer cannot gift an employee's
salary to avoid taxation.

In addition, policy reasons for the gift
exclusion from gross income are unclear. It is said that no
justification exists. It is also said that the exclusion is for
administrative reasons, both for taxpayers and for the IRS. Without
the exclusion taxpayers would have to keep track of all their
gifts, including nominal ones, during the year, and this would
create additional oversight problems for the IRS.

Further reading

Lewis
Hyde: The Gift: Imagination and the Erotic Life of Property,
1983 (ISBN 0-394-71519-5), especially part I, "A Theory of Gifts",
part of which was originally published as "The Gift Must Always
Move" in Co-Evolution Quarterly No. 35, Fall 1982.